Managing accounts payable (AP) efficiently is essential for any business aiming to streamline its financial operations and maintain strong vendor relationships. Manual AP processes can be time-consuming, prone to errors, and costly, especially as companies scale. Fortunately, AP automation software offers a reliable solution by automating tedious tasks like invoice capture, approval workflows, and payment processing.
In this Rillion article, we’ll explore five top AP automation platforms, each designed to enhance accuracy, reduce manual workload, and improve visibility over cash flow.
By understanding the key features, benefits, and pricing details, you’ll be able to find the right AP automation tool to support your unique business needs.
What is an AP automation software?
Accounts payable (AP) automation software is a digital solution designed to streamline and enhance the accounts payable process within an organization.
By automating key tasks such as invoice capture, matching, and approval workflows, this software helps businesses manage their invoices, payments, and vendor relationships more efficiently.
Curious about AP automation? Read the guide: What is AP automation? Discover how it works and the benefits
For instance, it uses Optical Character Recognition (OCR) technology to automatically capture invoice data, minimizing manual data entry and reducing errors. The software also facilitates invoice matching with purchase orders and receiving reports, ensuring that all details align before payments are processed, which enhances compliance and accuracy.
In addition to these core functionalities, AP automation software includes powerful features for payment processing and vendor management. It automates the scheduling and execution of payments, helping organizations manage cash flow and avoid late fees.
Furthermore, it offers reporting and analytics capabilities, enabling finance teams to track spending patterns and gain insights for strategic decision-making. By implementing such solutions, organizations can significantly reduce manual processes, improve operational efficiency, and strengthen supplier relationships.
Criteria for choosing AP automation software
When selecting accounts payable (AP) automation software, it’s essential to evaluate several key criteria to ensure the solution aligns with your organization’s needs. Here are the critical factors to consider:
- Functionality: Assess the core features offered by the software, such as invoice capture, three-way matching, automated approval workflows, and payment processing. Ensure the solution provides the functionalities that are most relevant to your AP process.
- Integration capabilities: Check how well the software integrates with your existing systems, including ERP and accounting software. Seamless integration is crucial for efficient data flow and to minimize disruptions during implementation.
- User experience: Evaluate the user interface and overall usability of the software. A user-friendly platform will facilitate easier adoption among your team and reduce the need for extensive training.
- Scalability: Choose a solution that can grow with your business. It should handle increasing invoice volumes and additional functionalities as your organization expands.
- Security and compliance: Investigate the security measures in place to protect sensitive financial data. Ensure the software complies with industry regulations relevant to your business, providing peace of mind in data management.
- Reporting and analytics: Look for software that offers robust reporting and analytics features. These tools can provide insights into spending patterns, cash flow management, and operational efficiency, aiding in strategic decision-making.
Top 5 AP automation software
- Rillion
- Tipalti
- Stampli
- Mineraltree
- SAP Concur
1. Rillion
We can’t talk about AP automation without mentioning ourselves. So, who are we?
Rillion is an AP automation software designed to simplify your AP process by automating tasks such as invoice data capture, approval workflows, and payment processing. By reducing manual effort, enhancing accuracy, and offering clear financial insights, Rillion’s tools help streamline your AP operations and improve overall efficiency.
Rillion is a comprehensive AP automation solution tailored for midsize and large companies. It offers enhanced capabilities, including advanced ERP integration, customizable approval processes, and in-depth analytics to better support complex financial operations and multi-entity organizations.
The platform’s solutions give finance teams full control over their AP workflows, promote audit compliance, and enable scalability as business needs evolve.
Key features
- Invoice capture: Automatically extract data from invoices using the OCR technology. With this, you eliminate the need for manual data entry, significantly reducing errors and saving valuable time.
- Automated PO matching: Automatically matches invoices with purchase orders and goods receipts, supporting both two-way and three-way matching to handle complex transactions.
- AI-assisted coding: Machine learning algorithms learn from your previous transactions to suggest coding for invoices, enhancing efficiency over time.
- Approval workflow prediction: Predicts approval workflows by analyzing historical data and predefined rules. This ensures invoices are automatically routed to the right approvers, reducing delays and manual intervention.
- Analytics and reporting: Provides real-time insights into AP processes, enabling data-driven decision-making and identification of bottlenecks.
- Smooth accounting systems and ERP integrations: Rillion integrates seamlessly with your existing accounting software and ERP systems, ensuring that all financial data is synchronized and up-to-date.
- Automated payments: Simplify your payment processes with Rillion Pay, which allows you to manage all vendor payments in one place.
Pricing
Rillion pricing is based on the annual volume of supplier invoices to be processed and available upon request.
Pros
- The platform serves as a one-stop shop for all your payment management needs.
- Fast and smooth invoice approval processes.
- The easy-to-use interface allows for smooth navigation, without users needing extensive training.
- Customer support is prompt and effective, ensuring quick resolutions to any questions or issues.
Cons
- Reduced human oversight in automated processes.
2. Tipalti
Tipalti is a cloud-based AP automation platform that helps businesses gain visibility and control over their accounts payable, global payments and procurements.
Designed for companies handling complex, high-volume financial operations, Tipalti automates tasks such as invoice processing, payment approvals, and tax compliance.
Key features
- Automated invoice management: Optimize the entire invoice processing workflow by automatically capturing, routing, and approving invoices.
- Self-service supplier management: Allows suppliers to onboard themselves, update their information, and access payment statuses.
- Built-in tax compliance: Tipalti helps you comply with local and international tax regulations by automating tax reporting and withholding processes.
Pricing
The Starter plan is priced at $99 per month. Pricing for the Premium and Elite plans is available upon request.
Pros
- Tipalti streamlines tax compliance, helping users meet regulatory requirements with ease.
- A comprehensive audit trail that allows users to easily track invoice progress and maintain accountability.
- Advanced monitoring that helps detect and prevent fraudulent activities.
Cons
- Users have reported challenges with the API.
- You need to use a different login when managing multiple accounts
- More expensive compared to other solutions.
3. Stampli
In addition to being an accounts payable automation platform, Stampli also enhances collaboration between finance teams and other departments, allowing for a more efficient workflow in managing invoices and payments.
Key features
- Invoice data capture: The platform uses AI technology to automatically extract and validate data from invoices.
- Payment processing: Enables scheduling payments and monitoring their status, ensuring timely vendor settlements.
- Smooth ERP integrations: Stampli seamlessly integrates with major ERPs, ensuring that financial data flows smoothly across platforms without any disruption.
- Analytics and reporting: Users have access to real-time insights and customizable reporting tools.
Pricing
Stampli’s pricing is customized and available upon request.
Pros
- The platform integrates effortlessly with various ERP systems.
- Stampli simplifies communication between different departments, making it easy for teams to collaborate.
- The software provides clear links between purchase orders, invoices, and received items for accurate three-way matching.
Cons
- Users have reported payment rejection issues.
- Less customizable in creating workflows for account posting, approval and managing several locations.
- The user interface makes it challenging to navigate the system.
4. Mineraltree
As an AP automation tool, Mineraltree provides a comprehensive solution that helps companies simplify their accounts payable processes. Designed primarily for mid-sized and large businesses, MineralTree aims to reduce manual work, improve accuracy, and provide greater control over cash flow and financial data.
Key features
- Invoice management: Automate invoice capture, approval workflows, and payment processing with Mineraltree.
- Custom approval workflows: Set up tailored approval workflows that align with your processes, ensuring invoices are reviewed and approved efficiently.
- Integrated payables: Mineraltree centralizes payment processing for all payables, supporting ACH, check, and virtual card payments from a single platform.
Pricing
Mineraltree’s pricing is customized and available upon request.
Pros
- Offers a centralized platform where team members can easily review, approve, and track invoices and payments.
- Seamless integration with popular accounting and ERP systems.
- The customer support team is known for being highly responsive.
Cons
- Users have reported recurring issues with checks not reaching vendors.
- No purchase order creation features.
- Limited in AP automation compared to other solutions.
- Limited ERP integrations.
5. SAP Concur
SAP Concur is a cloud-based software solution tailored to assist businesses in managing their travel, expense, and invoice processes. While it is not solely focused on accounts payable automation, SAP Concur features powerful tools that significantly enhance the efficiency of AP workflows.
Key features
- Automated invoice processing: SAP Concur automates the capture and processing of invoices, reducing the need for manual data entry.
- Travel management: Enables employees to book flights, hotels, and rental cars within the platform, ensuring adherence to corporate travel policies.
- Expense management: By automating the creation, submission, and approval of corporate expense reports, the software reduces manual errors. There is also a mobile app available to help you manage expenses, capture receipts, and approve reports on the go.
- Integration with financial systems: The platform works with different accounting and ERP software.
- Audit trail and compliance: SAP Concur maintains a detailed audit trail of all invoice-related activities, promoting transparency and compliance with financial regulations.
Pricing
SAP Concur pricing is customized and available upon request.
Pros
- It serves as a comprehensive solution for managing expenses, travel, and invoices all in one platform.
- Its intuitive interface makes it easy for users to navigate and manage their financial tasks
- As part of the SAP ecosystem, Concur is deployed worldwide, making it an excellent choice for multinational organizations with varied operations.
Cons
- Long implementation time compared to other AP automation tools.
- AP automation is quite basic compared to other solutions.
- Users have experienced challenges when integrating the platform with other accounting systems.
Rillion, your go-to platform for automated AP processes
Accounts payable automation tools have a lot of features in common, but at Rillion, we stand out with seamless integrations, user-friendly workflows, and powerful customization options. Plus, our secure payment handling keeps transactions safe and compliant.
Book a demo today and find out how we can help your team.
